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Oil falls as US gasoline stock draw raises prospect of SPR release

Oil falls as US gasoline stock draw raises prospect of SPR release

17 Nov 2021

Oil prices dropped on Wednesday after U.S. gasoline stocks fell more than expected last week, which could heighten pressure on the Biden administration to release oil from emergency reserves to cap soaring gasoline prices. U.S. West Texas Intermediate (WTI) crude futures fell 76 cents, or 0.9%, to $80.00 a barrel at 0211 GMT, extending a 12 cent loss from Tuesday.